Varouj Nerguizian joined Bank of Sharjah in 1977 and took over as CEO early 2018. Image Credit: Virendra Saklani / Gulf News

Dubai: Varouj Nerguizian has stepped down as CEO of Bank of Sharjah, which he joined in 1977 and had been holding the top since January 2018. He will still have a role as advisor to the Board of Directors.

“My retirement was delayed by COVID-19 and the challenges for the release of the 2021 financials,” said Nerguizian, referring to the long-standing issues Bank of Sharjah has been having in Lebanon through its stake in Emirates Lebanon Bank. This resulted in Bank of Sharjah reporting significant losses as part of revised IFRS requirements accounting for Lebanon’s hyperinflation in recent years.

Nerguizian started his career with Bank G. Trad - Credit Lyonnais Beirut, followed by a secondment from Banque Paribas to Bank of Sharjah in 1977. He was appointed as General Manager of Bank of Sharjah on January 1, 1992 and Group CEO on January 1, 2018.

Mario Tohme, General Manager of Bank of Sharjah, will step in as interim CEO role pending the appointment of a new appointee. Nerguizian will continue to work closely with the Board of Directors and management to ‘ensure a smooth transition’.

“On secondment from Banque Paribas, Nerguizian’s journey, which began in 1977, has been distinguished with continued success,” said Sheikh Mohammed Bin Saud Al Qasimi, Chairman of Bank of Sharjah.

“Under his stewardship, Bank of Sharjah has continued to contribute to the UAE economy and play a key role in supporting the growth and development of prominent local businesses. Nerguizian’s commitment to social responsibility and creating shareholder value has been central to driving the Bank's strategy and success for more than 30 years."